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Saturday, February 29, 2020

Azerbaijan works to improve diversification

Azerbaijan is working to improve its competitiveness, the welfare of its citizens and its sustainable economic growth through economic diversification and modernization.

The country saw an 8.8 percent increase in its non-oil gross domestic product between January and March. Its non-oil economy amounted to 11.4 percent for the same period last year, AzerNews reports.

Azerbaijan seeks to achieve successful economic diversification to provide macroeconomic and political stability, as well as an acceptable investment climate. Diversification will also help make available currency reserves, ensuring the country's financial independence. It could help create a unique model for the development of the non-oil sector and help Azerbaijan expand its products to a world market.

President of Azerbaijan Ilham Aliyev recently said that Azerbaijan is one of the most dynamic and successfully developing countries worldwide. He said the oil and gas sector gives the country a comparative advantage in world trade.

"(I have) repeatedly stated that we certainly need to use our financial resources for the development of our economy, entrepreneurship and infrastructure projects, but at the same time our foreign exchange reserves should continue to grow every year," Aliyev said, according to AzerNews.

Azerbaijan is ranked 39th among world countries in global competitiveness, AzerNews reports.